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"We won't stand in the way of that," Senator Wong told the ABC's Insider's program on Sunday.

"We had deep concerns about the proposed tax hike when there was a suggestion it would hit people on $80,000 a year. Obviously we're pleased the government responded to that pressure [by lifting the rate at which it kicks in]."

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Last week, Labor was still unsure about whether it would support the government's deficit tax on high income earners.

Shadow treasurer Chris Bowen signalled at the National Press Club on Wednesday that Labor was willing to negotiate on the issue.

"We will be as constructive as we can be on measures we don't find as unconscionable as the ones I've outlined," Mr Bowen said.

But Senator Wong's declaration on Sunday means Labor has decided in the past few days not to block the idea.

Senator Wong also said on Sunday that Labor was opposed to the Abbott government's proposed deregulation of university fees, but it would wait to see what the government's legislation looked like before it made its decision.

Education Minister Christopher Pyne said last week that the Abbott government might be willing to negotiate on some issues to get its university changes passed.

Mr Pyne nominated changes to the HECS interest rate and repayment threshold as two areas in which he was open to negotiation.

But Senator Wong would not say on Sunday if Labor would consider supporting the deregulation of university fees if the planned rise in interest rates for HECS was ameliorated.

"I'm not going to respond to Christopher Pyne's latest thought bubble," she said.

"Let's be clear what Mr Pyne is proposing in relation to higher education. He is proposing a set of changes which will put out of reach of many Australians a university education.

"This is really going back to the approach that we had prior to Gough Whitlam opening up the universities in this nation, where university education increasingly becomes the province of the privilege. That is not an approach Labor will support."